News Corporation and digital wagering pioneer Matthew Tripp approached bookmaker PointsBet with a $220 million-plus offer for its Australian division, but were rebuffed by the company’s board.

Wagering industry sources, who spoke anonymously because talks were confidential, said the PointsBet’s board, which is led by former UBS banker Brett Paton, turned down a non-binding indicative offer from the News Corp Australia-led consortium almost two weeks ago.

The offer, believed to be worth between $220 million to $300 million, was not put to shareholders.